With only a stop in the Senate before reaching the desk of President Trump, the Financial CHOICE Act has gained some momentum. The House passed the bill by a vote of 233-186, but Democrats and Republicans seem to be split on their support.
Introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, the bill - short for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs - would abolish the Dodd-Frank Wall Street Reform and Consumer Protection Act with major ramifications to the Consumer Financial Protection Bureau (CFPB). The CFPB’s name would be changed to the Consumer Financial Opportunity Agency, an executive agency with a director that would be appointed and removed by the president.
It looks like the bill may have a more difficult time passing the Senate as it has received only partisan support. Housingwire notes that a bill of this magnitude would need 60 votes or more, a filibuster-proof vote in the Senate. This would require Senate Democrats to vote in support of the act. This may be difficult as Democrats have worked hard to defend the Dodd-Frank Act and the CFPB. Hensarling has said he would be willing be break the bill into pieces to get as much of it on President Trump's desk as possible.